The mastermind of a fake coin syndicate has been arrested with around 8,500 counterfeit coins in denominations of Rs 5 and Rs 10. Upkar Luthra, arrested by the Special Cell from Kundli in Haryana on Tuesday , was operating out of Nepal.
Police said that the accused was also wanted for murdering his business partner and carried a reward of Rs 1 lakh on his arrest.
The gang, working across north India, was behind minting and circulating fake coins with the face value of around Rs 50 crore in the past few years. The making cost for a fake Rs 10 coin was Rs 4.5 and Rs 2 for a fake Rs 5 coin.
Police officials said that the modus operandi was ingenious. Sitting in Nepal, Luthra got metallic sheets delivered to his aides sitting in godowns located in Tilak Nagar and Mayapuri in Delhi. The godowns were then minted in coins worth Rs 5 and 10 denominations.The manufactured coins were then circulated through toll tax centers, weekly markets and small shopkeepers in various parts of Delhi, Rajasthan and Haryana.
"In December, while working on a tip off, Sweekar Luthra was arrested from the Mohan Garden area and counterfeit coins worth Rs 17,390 in denomination of Rs 5 and Rs 10 were recovered from him. However, his brother Upkar Luthra, who was heading the module, was still at large. Information was received that he had absconded to Nepal and was organising the gang from there," said Sanjeev Kumar Yadav, DCP (Special Cell).
On Tuesday, following a tip off that Luthra was hiding in some hotel in Kondli, Haryana, a raid was conducted by a team and Luthra was arrested.